(TheNewswire)
Kelowna, British Columbia – TheNewswire - November 10, 2022 - SOUTH ATLANTIC GOLD INC. (TSXV:SAO) (“ South Atlantic” or the“ Company” ) is pleased toannounce that the Brazilian environmental agency for the state ofCeará has commenced the evaluation process to license the Company’soperations. The Company has also completed metallurgical testwork onthe main ore zones of the Pedra Branca project as required by themining license process.
Highlights
-
The environmental agency (SEMACE – Secretaria do Meio Ambiente doCeará) review will provide key guidance “Termo de Referência”) for theenvironmental requirements specific to Pedra Branca miningoperations.
-
The Company anticipates a request for an Environmental Impact study ofthe Queimadas target tenement area (click here to view Map 1).
-
As part of the National Mining Agency requirement, the Companyconcluded metallurgical testing in the Queimadas project area,resulted in gold recoveries of 92.6% from direct cyanide leaching (P80@ 75 microns) and 63.8% from gravity-recoverable-gold (Falcon GravityConcentrator) from fresh rock, which also has visible pyrite andpyrrhotite.
-
The company is now evaluating a path to a trial mining license ( “Guia de Utilização” ) withinits tree main tenements that are part of the main ore zone and areunder the mining concession licensing stage (Queimadas, Igrejinha andMirador).
Douglas Meirelles, President andCEO stated, “ The excellentmetallurgical results from the main ore zone within the Queimadastenement and the current status of the licensing process allows theCompany the option to pursue a small-scale production license fortrial mining. It should be noted that a trial, small scale mininglicense does not preclude the Company from continuing the explorationactivities in the entire tenement, nor does it exclude us fromtransitioning from small-scale mining into a larger operation in thefuture. We will continue to update the market as we advance the stepswith the governmental agencies and ultimately unlock the proposedgovernment grants through our partnership agreement.”
MAP 1
Overview of the current inferred resource area and main project zoneof operations and highlights potential future exploration programs
The samples submitted for metallurgical testing werefrom both the oxide zone and from fresh rock, with limitations to thesize of the initial pit. These samples were tested for goldconcentration via a Falcon centrifuge to test gravity concentrationfollowed by cyanide leaching. The tests were carried out on milling product leaching, Falcon tailings leaching andintensive leaching from the gravitational separation step. Tests werealso made for BWi. (Bond Work Index) / Grinding Curve, which testshardness and amenability to grinding and crushing which resulted in aBWI of 19.2 kwh/tonne for the fresh rock. In addition, the sampleswere analyzed by Metallic Screen for higher accuracy.
Qualified Person’s Statement
The scientific and technical information of this newsrelease was reviewed and approved by Marcelo Antonio Batelochi(P.Geo.), MAUSIMM (CP), the Company’s Exploration Manager who is aQualified Person as defined by NI 43-101.
About South Atlantic Gold
South Atlantic Gold is an exploration company engagedin acquiring and advancing mineral properties located in the Americas.Our flagship asset is the 100%-owned Pedra Branca project, located 280km southwest of Fortaleza, Ceará State, Brazil. South Atlantic Goldis focused on creating value for its shareholders by engaging in thedevelopment and acquisition of high-quality mineral assets located instable and mining-friendly jurisdictions. South Atlantic Gold is basedin Kelowna, British Columbia, and is listed on the TSX-V under thesymbol “SAO”.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding thisnews release, please contact:
Anne Hite, Vice President, Investor Relations
T: 250-762-5777
Email: ir@southatlanticgold.com
Cautionary NoteRegarding Forward-Looking Information
This news release containsstatements that constitute "forward-lookingInformation", as suchterm is used in applicable Canadian securities laws . Such forward-looking informationinvolves known and unknown risks, uncertainties and other factors thatmay cause the Company’s actual results, performance or achievements,or developments in the industry to differ materially from theanticipated results, performance or achievements expressed or impliedby such forward-looking information. Forward-looking informationincludes statements that are not historical facts and are generally,but not always, identified by the words "expects,""plans," "anticipates," "believes,""intends," "estimates," "projects,""potential" and similar expressions, or that events orconditions "will," "would," "may,""could" or "should" occur.
Although the Company believes theforward-looking information contained in this news release isreasonable based on information available on the date hereof, by itsnature forward-looking information involves assumptions and known andunknown risks, uncertainties and other factors which may cause ouractual results, level of activity, performance or achievements, orother future events, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking information. There can be no assurance that the Fundamental Acquisition will becompleted as proposed or at all.
Examples of such assumptions, risksand uncertainties include, without limitation, assumptions, risks anduncertainties associated with general economic conditions; theCovid-19 pandemic; adverse industry events; the receipt of requiredregulatory approvals and the timing of such approvals; that theCompany maintains good relationships with the communities in which itoperates or proposes to operate, future legislative and regulatorydevelopments in the mining sector; the Company’s ability to accesssufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of theCompany to implement its business strategies; competition; the risk that any of the assumptions prove not to bevalid or reliable, which could result in delays, or cessation inplanned work, risks associated with the interpretation of data, thegeology, grade and continuity of mineral deposits, the possibilitythat results will not be consistent with the Company’s expectations,as well as other assumptions risks and uncertainties applicable tomineral exploration and development activities and to the Company,including as set forth in the Company’s public disclosure documentsfiled on the SEDAR website at www.sedar.com .
THEFORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTSTHE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASEAND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULDNOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULDNOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANYMAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANYPARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLELAWS.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release .
Copyright (c) 2022 TheNewswire - All rights reserved.